Ethereum restaking protocol Renzo raises $17 million

The Ethereum restaking protocol Renzo raised $17 million from a Galaxy Ventures-led funding round and another led by Brevan Howard Digital Nova Fund.

The fresh funding comes after Renzo's $3.2 million seed raise in January, led by Maven11, and saw additional support from Figment Capital, SevenX Ventures, IOSG Ventures and others.

Renzo, built on top of the Ethereum staking protocol EigenLayer , lets individuals restake ether (ETH), wrapped beacon ether (wBETH), staked ether (stETH). Depositing these assets nets users ezETH , or Renzo's liquid restaking token (LRT) that can be used across other DeFi platforms.

"Renzo differentiates itself from other protocols by fundamentally building its system with restaking in mind, in contrast to traditional staking protocols that are merely adapting to restaking," said Galaxy Ventures General Partner Will Nuelle in a statement. "What sets Renzo apart is its unique ability to accept both native ETH and Liquid Staking Tokens. This capability allows Renzo to foster collaboration with existing market players and ensures a smooth, user-friendly process for participants."

Renzo has amassed nearly $3.6 billion in total value locked and a market capitalization of $111.85 million, according to the crypto data tracker DeFiLlama.